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Macy's Hits Multi-Year High; Continues to Converge to Our $42 Fair Value Estimate

publication date: Jan 6, 2012
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We initiated coverage of Macy's in early October with a fair value estimate of $42 per share and a VBI rating of 9. The stock has since rallied nearly 30% to the mid-$30s to hit a multi-year high, and we think further valuation upside remains in the name.

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